Zilliqa Price Analysis: ZIL is up 44% this week, but momentum seems to have ebbed

  • The Zilliqa coin has slowly recovered this week, gaining 44% of its value in the last 7 days.
  • Zilliqa price is approaching a bullish barrier during a high-low formation against the background of the daily price chart.
  • The bitcoin pair belonging to the Zilliqa coin is trading at 0.000002287 Satoshis, with a gain of 7.2% in the Green Zone.

The price action of the Zilliqa coin is in favor of the bulls, who have managed to keep the price in the upper zone. However, Zilliqa Coin has underperformed in the last two months. During downtrends, ZIL investors were frequently turned away by bounces. However, upon reaching the $0.029 level, the buyers breathed a sigh of relief.

Meanwhile, the bulls have had a significant cover zone in the demand zone (green box) for several weeks and this will still hold true. As a result, the Zilliqa coin is currently trading at $0.0492.

During an up move, ZIL price momentum looks weak near the horizontal (blue) trend line, above this short-term resistance the bulls are likely to target $0.06 at current levels.

Meanwhile, the market capitalization exceeded $638 million, according to CMC, with a gain of 8.6% in the last 24 hours. In addition, the bitcoin pair belonging to the Zilliqa coin is trading at 0.000002287 Satoshis, 7.2% more in the green zone.

On the weekly price scale, the trading volume bar is higher than it has been in the last 4 weeks. On the other hand, the trading volume decreases as the price of ZIL declines near the trend line zone.

ZIL price entered the red zone of the Ichimoku indicator

In terms of the daily price chart, the price of Zilliqa rises on the red cloud of the Ichimoku indicator. At that time, Leading Span A-$0.415 acted as an important support level and Leading Span B-$0.057 could influence the uptrend.

Also, the daily RSI indicator moved above the half line after 45 days.

conclusion

Zilliqa coin is in a bullish position but the momentum appears to be minor compared to the other days, but possibly above this short-term resistance the bulls could target $0.06 at current levels.

Technical Levels

Support levels: $0.030 and $0.025

Resistance Levels: $0.050 and $0.060

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational ideas only and do not constitute financial, investment, or other advice. Investing or trading in crypto assets carries a risk of financial loss.

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